Sold!!!

[OGShocker]

We received this note from Tom at Dana Boats today. We are VERY happy for our friend Tom as well for Dana Performance Boats. The new owner is ready, willing and able to take the company to the next level. Dana's Rigger Bobby Newman is staying with the company as is the rest of the staff. As close as I have been with Dana Boats, I veiw this as a POSITIVE move.
I have some news for all of our Dana family members. For the past couple of weeks we have been working with Rhett Maxwell and I am sure some of you have met him but most of you have not. After long and sometime painful deliberations, I have decided to sell Dana Performance Boats.
The new owner Rhett Maxwell has assured me that boats built during my time as owner of DPB shall remain under warranty. Rhett plans to increase the number of boat produced per year which will insure the highest possible resale value for your Dana. I personally could not take Dana to the next level but with the financial backing Rhett has I am sure he will make the Dana name even bigger.
I told you all when you bought your boat, you were buying into a family and for me this has not change. I am moving from being the owner of Dana Performance Boats to being an owner OF a Dana Performance Boat. Please join me in welcoming Rhett to our family by giving him a call and give him a hard time because that has always been the Dana way! I will be helping Rhett in anyway I can to make sure the Dana name is only going to get stronger through the years.
I wish to thank each and every member of the Dana family for the support and friendship you have shown me over the past three years. You will always have a special place in my heart. I will be seeing you around the Lake and donÂ’t forget the Dana Boats Regatta July 22-24th 2005!
If you want to send me any e mail you can send them to tagerstig@yahoo.com.
Tom Agerstig
Dana Performance Boats
5132 Holt Blvd
Montclair, CA 91763
www.danaboats.com

[dicudmore]

:idea: :idea: :idea:
congrats to Tom....good luck to Rhett :D
and to OG, see ya on the lake :D

[jdogginla]

Wow.......u think this will delay the 30' in any way? Last time I talked to em they were hoping first week of April.

[OGShocker]

Wow.......u think this will delay the 30' in any way? Last time I talked to em they were hoping first week of April.
It will speed the process up!

[OGShocker]

Off to the Lake!
Have a great weekend everyone.

[atomickitn]

To my beloved friend tom , it has been a great pleasure working for such a great friend, you will be missed around the shop...... see you on the river my friend... to all those prospective new buyers I can assure all of you that in no way shape or form will I or our new owner Rhett cut any corners, or deviate from are quality and personal dedication to the customer...... our beloved friends, and family,, we are currently on the path to an awesome year..... please feel free to stop by and say hello, to the new family owner...........once again thank all of you for your dedication and support.......thanks Bobby.................... :smile: :D

[RiverOtter]

Maybe you could make a boat with a windshield now :D

[HOOTER SLED-]

To my beloved friend tom , it has been a great pleasure working for such a great friend, you will be missed around the shop...... see you on the river my friend... to all those prospective new buyers I can assure all of you that in no way shape or form will I or our new owner Rhett cut any corners, or deviate from are quality and personal dedication to the customer...... our beloved friends, and family,, we are currently on the path to an awesome year..... please feel free to stop by and say hello, to the new family owner...........once again thank all of you for your dedication and support.......thanks Bobby.................... :smile: :D
Maybe with the new changes the generosity will be flowing and a new 27 will end up in my driveway at no charge. :) Good luck Bobby and Dana Boats. Bobby, you know we love the 27. :) That reminds me, I need to call you.

[MagicMtnDan]

Congratulations! When are you putting Whipples on your motors? :D :D :D

[Essex29]

...just out of curiousity how much does a company like this go for? :idea:

[syke-o]

isnt there af romula for selling a company that goes something like 4 times the annual sales?? or something like that...

[dean51267]

...just out of curiousity how much does a company like this go for? :idea:
read between the lines, Dana was in trouble, if they ca nnot capitalize expansion they have a cash flow problem, and they get an invester to come in.
I have seen this a hundred times, 85% of the time the new guy bought far les than he tought he was getting, and these things are forced upon hte seller by the bank.
there may be something else going on, about a 5% chance of that, but 95% chance they are in trouble, 80% chance they do not make it three years.

[RiverOtter]

isnt there af romula for selling a company that goes something like 4 times the annual sales?? or something like that...
Depends if the company you are buying is profitable :cool:

[OGShocker]

read between the lines, Dana was in trouble, if they ca nnot capitalize expansion they have a cash flow problem, and they get an invester to come in.
I have seen this a hundred times, 85% of the time the new guy bought far les than he tought he was getting, and these things are forced upon hte seller by the bank.
there may be something else going on, about a 5% chance of that, but 95% chance they are in trouble, 80% chance they do not make it three years.
Dana was not nor are they now "in trouble". If you wish to "read between the lines" please make sure you can read the lines to begin with. This is a good deal for both parties. I wish Tom the best and know Rhett has the backing and background to make Dana one of California's top builders.
I know your vast experience of seeing 100 boat companies go through buy outs and mergers allows you insight into this matter I cannot see, so please help me by giving me the factors and formulas on which you based your statistical analysis. I might use them the next time I look at buying a company in my industry. I would hate to make a mistake you could have help me to avoid.
OGS

[ChumpChange]

Dana was not nor are they now "in trouble". If you wish to "read between the lines" please make sure you can read the lines to begin with. This is a good deal for both parties. I wish Tom the best and know Rhett has the backing and background to make Dana one of California's top builders.
I know your vast experience of seeing 100 boat companies go through buy outs and mergers allows you insight into this matter I cannot see, so please help me by giving me the factors and formulas on which you based your statistical analysis. I might use them the next time I look at buying a company in my industry. I would hate to make a mistake you could have help me to avoid.
OGS
I agree with OGS(first time for everything). Please expand your 'idea' dean.

[OGShocker]

Maybe you could make a boat with a windshield now :D
You never know. :wink: If ChumpChange and I can agree on something.... ANYTHING is possible! :crossx:

[sigepmock]

You guys agreed on the same boat graphics didn't you :eek: :D J/K I know...I know they're way different. :yuk:

[OGShocker]

You guys agread on the same boat graphics didn't you :eek: :D J/K I know...I know they're way different. :yuk:
NO, his flys in reverse! :notam:

[ChumpChange]

You guys agreed on the same boat graphics didn't you :eek: :D J/K I know...I know they're way different. :yuk:
For two different reasons though.
I have the flag because I love America.
OG has the flag because when he boats in Canada, he wants everybody who sees him to know that he is superior to them.

[OGShocker]

Oh HOOLIGN!!!! Grab the JD and fire away!

[Chase]

For two different reasons though.
I have the flag because I love America.
OG has the flag because when he boats in Canada, he wants everybody who sees him to know that he is superior to them.
In what way???

[Chase]

OG...does this mean I won't be able to get a Dana shirt

[OGShocker]

In what way???
I just ignore those who use their asses as their mouths. I'll let Hoolign handle him. :chi:

[Chase]

Yeah I know...I was just trying to stir up some shite.....That statement was so not you..

[RiverDave]

read between the lines, Dana was in trouble, if they ca nnot capitalize expansion they have a cash flow problem, and they get an invester to come in.
I have seen this a hundred times, 85% of the time the new guy bought far les than he tought he was getting, and these things are forced upon hte seller by the bank.
there may be something else going on, about a 5% chance of that, but 95% chance they are in trouble, 80% chance they do not make it three years.
Well that's certainly one opinion. Couldn't just be that Rhett wanted to buy the company and offered up a sum that was agree-able to both parties? I mean after all when Gene Willen bought Howard Boats off of Howard Brown, were they in trouble too?
RD

[atomickitn]

we will soon see just how much trouble dana boats is in ,,,, after all they were one of the top builders in the day,,, rite along with howard ,ultra , and eleminator, we will just whait and see, :D

[INSman]

Dana in trouble, I think not ...
Bottom line, Tom was too nice of a guy and didn't charge for everthing that every other builder would have charged for due to his niceness and to develop brand loyalty I assume.
He probably got sick and tired of working for free as he treated most of his customers like they were his brother/sister. I know on many occassions, I asked him how much do I owe you for this and how much do I owe you for that, and the answer was always the same, "Don't worry about it". I had to always leave cash somewhere he would not find it until after I left because he would not take it from me.
The downside to that, is you are not going to be cash rich to support future expansion and R&D. The 30' Destroyer was getting closer and I assume that a deck and cat may have been forthcoming.
With Bobby staying on board, Dana is not going anywhere but upwards with the financial strength that Rhett brings to the table. The 23' and 27' are rock solid boats that have solid reviews from ***boat and Powerboat. That is way more than a host of builders can lay claim to at this point.
Keep your eye on these guys and give them a fair shot at your business if you are in the market for one of their model types, and I don't think you will ever regret your decision.